Easy Trip Planners Q4 FY26: The Cash-Burning Finale
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1. At a Glance
The numbers stare back in disbelief. Easy Trip Planners reported a ₹13.6 crore net loss in Q4 FY26—a reversal from 18 months of consistent profitability—and full-year PAT collapsed to negative ₹39.1 crore from ₹107.4 crore the prior year.
Revenue inched up just 8.9% YoY to ₹152 crore in the quarter, but operating profit swung to negative ₹24.8 crore. The larger business hummed along: Gross Booking Revenue (GBR) hit ₹2,138 crore in Q4 and ₹8,376 crore for the full year.
The balance sheet holds ₹86.9 crore in cash. Debt sits at ₹35.5 crore—minimal in isolation, immaterial against a ₹3,315 crore market cap.
The tension: scale, expansion, and losses don’t usually share the same sentence.
2. Introduction
Easy Trip Planners floated in March 2020, went public in 2021, and spent three years building the infrastructure of an online travel behemoth: YoloBus (intercity buses), Spree Hotels (1,200 room-keys), aviation finance, electric vehicle manufacturing ambitions.
Between FY24 and FY25 it remained profitable. Then acquisition costs, integration drag, and the build-out of Dubai operations—GBR there nearly doubled to ₹1,531 crore—crept into the P&L.
By Q4, the strain was visible.
The company had filed for board approval to raise ₹500 crore in May 2026 via equity or other securities. It also allotted 34.78 crore shares at ₹9.19 per share in late May for ₹319.63 crore, and filed for a rights issue of up to ₹5,000 million.
The promoters—Rikant Pitti, Nishant Pitti, and Prashant Pitti—held 43.56% after the May allotment, down from 64.30% in March 2024.
3. Business Model: WTF Do They Even Do?
A full-service OTA: flights (73% of quarterly revenue), hotels & holidays (26%), trains, buses, charter, activities, visa. Plus now: Yolo’s intercity bus network, Spree’s 53 managed properties, aviation leasing, and Easy Green Mobility’s EV bus ambitions.
The core remains B2C (92% of older years), but it peddles three channels: B2C direct, B2B2C (agents), B2E (corporates).
The unit economics are lean—marketing 0.9% of revenue in H1 FY24—and the repeat transaction rate in B2C stands at 86%.
Yet the business is marinating in cash, carrying receivables of ₹273.6 crore at March 2026, tethered to vendor credits and customer refund liabilities of ₹979 crore.
